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The unemployment rate in Nigeria is a problem that does not seem to have a solution. According to STATISTA, In the fourth of 2020, the unemployment rate in Nigeria reached 33.28 percent. Between 2015 and 2020, the unemployment rate grew. In particular, in 2017 the unemployment rate registered the fastest growth, increasing by about six percentage points during the year. However, this data was calculated according to the Nigerian methodology. Based on the most common international methodology, the unemployment rate in Nigeria stood at 17.5 percent.
The New Nigeria methodology defines unemployed as the labor force who did not work at all or worked for less than 20 hours a week. The international definition, instead, includes people aged 15 years to 64 years old who were available for work, actively seeking work, but were unable to find work. According to Investopedia, unemployment is a situation when a person who is actively searching for employment is unable to find work. Unemployment is considered to be a key measure of the health of the economy. The most frequent measure of unemployment is the unemployment rate, which is the number of unemployed people divided by the number of people in the labor force. Many governments offer unemployment insurance to certain unemployed individuals who meet eligibility requirements, but not in Nigeria. Unemployment is a key economic indicator because it signals the ability (or inability) of workers to readily obtain gainful work to contribute to the productive output of the economy. This doesnâ€™t include people who leave the workforce for other reasons, such as retirement, higher education, and disability. More unemployed workers mean less total economic production will take place than might have otherwise.
The incidence of unemployment in Nigeria in this 21st century is alarming. The rates keep on rising without any appreciable effort to cushion the effects. Hence, this article takes a look at the factors responsible for the high level of unemployment in Nigeria and its social, economic, and political implications. Corruption in both public and private and at the individual levels, industrial decay, and neglect of the agricultural sector are among many others factors responsible for the rise. High levels of poverty, youth restlessness, high rate of social vices, and criminal activities are common because of joblessness and an â€œIdle mind is the devilâ€™s workshopâ€ they say. If not controlled, apathy, cynicism, and revolution might become the consequent. Recommendations by some studies are urgent intervention in the sensitive sectors of the economy such as power, industry, and agricultural sectors to create employment opportunities. Also, the fight against corruption should be intensified.
Also, the National Accelerated Poverty Reduction program (NAPEP) was another attempt at addressing unemployment. Established in 2001, it focused on training youths for employment in the automobile industry. However, it ultimately achieved little as the majority of the funds went to administrative costs in offices spread over the country. The most recent initiative is N -Power. Introduced in 2017, its goal is to achieve inclusion and productivity in the country. It provides a skills development platform for Nigerians between the ages of 18 and 35 that has benefited about 200,000 people since its inception.
Why is it so hard to find a job?
It can be frustrating to look at job boards and see all those open positions, especially when your cover letter and resume are being ignored. And itâ€™s hard to ignore all those â€˜Help Wantedâ€™ signs you see whenever youâ€™re driving through any townâ€™s business district. After all, if there are that many companies in need of employees, why canâ€™t you land those interviews you need? How is it that your resume is being passed over time after time? Why is it so hard to find a job? First, recognize one thing: many companies and hiring managers have no intention of filling all those job positions. Many promote from within. Others simply solicit resumes regularly to build up a reservoir of potential candidates they can turn to when positions do come open. As a result, the job market may not be as wide-open as it appears at first glance. In short, donâ€™t assume that your job search is any more difficult than any other job seeker. The fact is that youâ€™re all competing for a finite pool of available jobs.
Some of the problems Job seekers face are these:
While the job search experience is seldom easy, finding a job doesnâ€™t need to be a painful ordeal. The key is to recognize the challenges that you face and take proactive steps to counter those obstacles.
HOW TO IMPROVE YOUR ODDS OF FINDING A JOB
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